Former pensions minister Steve Webb has called on the Government to take a stronger role in the development of a pensions dashboard, warning the project risks being left “in the slow lane”.
As part of the Budget, Chancellor George Osborne pledged to ensure the industry designs, funds and launches a pensions dashboard by 2019.
However, Webb, now director of policy at Royal London, has called on the Government to take a more active role.
He says: “Citizens of countries such as Australia, Sweden and the Netherlands already have the benefit of access to pensions dashboards where they can see all their pensions in one place. It is unacceptable that the UK is in the ‘slow lane’ and our savers are being left behind.”
Despite the FCA recommending a pensions dashboard in December 2014, experts have suggested that the Government’s deadline of 2019 remains too ambitious, and pensions minister Ros Altmann said days before the Budget that a dashboard could be as far as a decade away.
Webb says: “Getting the many different parties involved to work together in the interests of the consumer is a big job and may even require legislation. Government has been too ‘hands-off’ to date and needs to drive this project forward, otherwise savers will continue to have far too little information about their overall pension position.”